AVDV vs PZIV

AVDVAAvantis International Small Cap Value ETF

PZIVDPzena International Value ETF

In short

AVDV Foreign small-cap value is the thin, overlooked corner of the world market. AVDV works it with index-like breadth, roughly 1,700 overseas small caps screened for cheap prices and real profits, at a fee well under its peer group's median.

PZIV Pzena has run the same deep-value playbook for decades: buy good businesses when they're cheap and unloved. PZIV brings that process to non-US stocks, as one of the firm's first two ETFs after it entered the wrapper in 2026.

Stated mandate

AVDV Seeks long-term capital appreciation by investing in non-U.S. developed small-cap companies selected for low valuations and higher profitability ratios.

PZIV The Fund seeks long-term capital appreciation.

Why people hold it

• AVDV Charges 0.36% a year, well under the median for active international value funds and below peers like JIVE (0.55%) and FEOE (0.50%).
• Holds roughly 1,700 non-US developed small caps and stacks a profitability screen on top of the value screen, aimed at the cheap-for-a-reason names.avantisinvestors.com
• Live since 2019 and now a multi-billion-dollar fund that changes hands readily, which matters when the underlying holdings are small foreign stocks.
• One of the stronger builds in its active international value group: broad, cheap, and rules-driven rather than a manager's hunch list.avantisinvestors.com

• PZIV Genuinely active, not a value screen in disguise: Pzena targets companies trading below their historically demonstrated earnings power and runs concentrated, high-conviction portfolios.globenewswire.com
• The mandate reaches past the usual developed-market roster, allowing significant foreign holdings and leaving the door open to emerging markets.
• A plain 1940 Act equity ETF chasing long-term capital appreciation. No leverage, no options overlay, just overseas stocks picked one at a time.

Worth knowing

• AVDV Small caps abroad plus a value tilt can swing harder than big-name international funds, and currency moves flow straight through to results.avantisinvestors.com
• Actively managed with no index to replicate, so holdings follow Avantis' models. MSCI World ex-USA Small Cap is the yardstick, not the blueprint.avantisinvestors.com
• Developed markets only, and it pays quarterly rather than monthly. For overseas large-cap value, sibling fund AVIV runs 0.25%.

• PZIV At 0.70%, it costs more than systematic international value options such as AVIV (0.25%) and AVDV (0.36%). That gap is the price of the stock picking.
• It launched in 2026, so the ETF track record starts there, and it is still a small, thinly traded fund where bid-ask spreads can widen.
• Concentrated deep value is a style bet: fewer names, cheaper names, and results that can look nothing like a broad international index.globenewswire.com

Full AVDV profile⁠

Full PZIV profile⁠